Low-income entrepreneurs and small businesses in Florida will have
greater access to capital
MIAMI LAKES, Fla.--(BUSINESS WIRE)--Aug. 19, 2015--
BankUnited announced a $1 million equity-equivalent (EQ2) investment to
fund the Urban League of Broward County Small Business Loan Fund,
becoming the first financial institution to seed a new microlending pool
that will improve access to capital for low-income entrepreneurs and
small business owners across the state.
BankUnited Chairman and CEO John Kanas noted, “BankUnited’s EQ2
investment in cooperation with the Urban League of Broward County is an
example of innovative, responsive and responsible lending that meets the
credit needs of the community while revitalizing the business climate in
underserved communities throughout Florida. The Urban League Small
Business Loan Fund will play a critical role in fostering a strong
business climate that promotes further economic growth, attracts new
investments, increases employment, advances housing and contributes to
the overall health of our communities.”
BankUnited is providing the first $1 million toward the anticipated
aggregate $4 million total loan fund. Loans made by the fund will range
from $25,000 to $250,000. Entrepreneurs or small businesses
headquartered in Florida with 25 or fewer employees and average annual
gross revenue of $5 million or less annually for the last two years will
be eligible to borrow funds.
In addition to funding, BankUnited will also provide support to loan
recipients in the form of business coaching and technical assistance.
“The development of an entrepreneurship center aligns with our mission
to build wealth and create jobs for families in our community,” said
Urban League president and CEO, Dr. Germaine Smith-Baugh. “We are
grateful to BankUnited for leading the way in its support of this
initiative that will help meet the credit and capital needs of
underserved entrepreneurs throughout Florida.”
In July 2014, the Urban League of Broward County entered into a
five-year grant agreement with the State of Florida Department of
Economic Opportunity, under which the DEO would provide $1.5 million to
establish, administer and market a revolving loan guarantee program to
stimulate access to credit for under-resourced businesses; $1 million of
the amount established the guaranteed funds and the remaining $500,000
was designated for start-up and administration costs. As part of the
agreement, the Urban League sought investors to raise private capital to
achieve a required four-to-one match for funds provided by the DEO.
The Southeast Florida Community Development Fund, Inc., an affiliate of
the South Florida Regional Planning Council, will underwrite, originate,
administer and fulfill reporting requirements for the loan program on
behalf of the Urban League of Broward County.
For more information please call (877) 779-2265 or visit www.BankUnited.com.
About BankUnited, N.A.
BankUnited, N.A., a national bank and wholly-owned subsidiary of
BankUnited, Inc. (NYSE: BKU), is headquartered in Miami Lakes, Florida
with 99 branches in 15 Florida counties and six banking centers in the
New York metropolitan area at June 30, 2015. Ranked third on Forbes
Magazine's list of "Best Banks in America 2015," and one of the largest
independent depository institutions headquartered in Florida by assets,
BankUnited provides a wide range of commercial and consumer banking
services. For additional information, call (877) 779-2265 or visit www.BankUnited.com.
BankUnited can be found on Facebook at facebook.com/BankUnited.official
and on Twitter @BankUnited.
View source version on businesswire.com: http://www.businesswire.com/news/home/20150819005850/en/
Source: BankUnited
BankUnited
Mary Harris, 305-817-8117
MHarris@BankUnited.com
or
Savannah
Whaley, 954-776-1999, ext. 225
swhaley@piersongrant.com